Volt Bank
“Defunct — Volt Bank's residual IP is being repurposed by a third party as embedded-finance infrastructure for the Australian market.”
Founded2017
HQSydney, Australia
IndustryFintech / Neobank
The story
Founded 2017 as Australia's first restricted ADI neobank, Volt secured a full ADI licence in January 2019 and built its stack on Temenos T24, Salesforce and Microsoft Azure with partnerships including PayPal, Cotton On and Collection House. The bank shut down its deposit-taking business in June 2022 after failing to raise expansion capital, returning its licence and entering liquidation in 2023. In March 2024 Embedded (TIP Group) bought Volt's IP for AUD $2M to repurpose the technology platform as a BaaS / embedded finance offering — Volt Bank itself is defunct.
Last 12 months
Product timeline
2017
Founded in Sydney as Australia's first restricted ADI neobank.· banking
2019
Granted full ADI banking licence by APRA on 21 January 2019.· banking
2022
Announced closure of deposit-taking business and voluntary return of banking licence after failing to raise sufficient capital.· pivot
2023
BAAS Technology Limited (formerly Volt Corporation) entered liquidation; Said Jahani of Grant Thornton appointed liquidator.· acquisition
2024
Embedded (backed by TIP Group, ASX:TIP) acquired Volt Bank IP and technology platform for $2M to build BaaS platform.· acquisition
Regulated entities
1
regulatory licence held by Volt Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in Volt Bank’s embedded-finance stack
Banking / BaaS
Volt Bank (in-house, defunct)
Ledger
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.